Page 33 - GEORptSep18

Organisation for Securities Commissions (IOSCO) and European Securities and Markets Commission (ESMA) regulations,” the NBG said in a July 18 statement .
The rules are mandatory for all licensed brokerage companies, but due to their complexity active brokerage companies have been given a transition period during which they have to bring their work into compliance with the legislation.
When outlining his governing programme on July 15, Prime Minister Mamuka Bakhtadze said the government will work with the central bank on capital market reforms.
The Georgia Stock Exchange (GSE) recorded a turnover value of GEL8,787.65 in June, declining from GEL10,819.70 in May 2018, according to CEIC data.
8.4 International ratings
Georgia - Rating agency
as of August 2018
Bond rating: Moody’s
Ba2 (Stable)
Bond rating: Fitch
BB- (Positive)
Bond rating: S&P
BB- (Stable)
Fitch affirms Georgia at ‘BB-’, but warns of risks related to Russia and Turkey
Fitch Ratings affirmed Georgia's Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR) at ‘BB-' with a positive outlook on August 24, the rating agency said in a s tatement . Fitch said the positive outlook reflects Georgia’s favourable growth prospects and the steady improvement in the country’s public finances.
However, the rating agency warned of downside risks related to escalating negative developments in Turkey and risk of further US sanctions against Russia, even though so far Georgia's economy has been “resilient against recent regional volatility”.
This was reflected in the country’s strong economic growth in the first half of 2018 with statistics office GeoStat’s estimate of 6.0% GDP growth exceeding
33 GEORGIA Country Report September 2018 www.intellinews.com